I know lately to some I've been sounding a little bit like a Marxist and not just because I took seven classes of Marxism while I studied political science in college or because I have called for a tiny surtax on the hidden income of billionaires who are otherwise paying no taxes when most of us just have it come right out of our paychecks before we get it.
No, I have been sounding like this because I am cheering the work being done by Fed Chief Jay Powell, whom I now regard as the people's Fed chief. An unlikely posture given we've never had one. And he's all about trying to err on the side of labor, not capital, even though he's a quintessential capitalist, At least his history before this.
Powell seems to have an innate understanding of how this country cannot have two classes, one beyond-your-dreams rich and one that struggles to put food on the table every night. He knows that the elected officials have failed to do anything about it, other than to perhaps provide too much stimulus to many who did not need it and not enough stimulus to people who did.
And he also understands that - we have got a Fed chief that's so different because, remember, Fed chief after Fed chief before him has fought inflation at the expense of the working person. And anyone who has watched him over the years knows he is an unlikely hero of the underclasses - but a hero he is.
That's why instead of focusing on him and how he is doing - because the answer is “great” - we've got to focus on something else, instead of focusing on how Powell will be right about how inflation is transitory and may have already peaked. Hence why all of our tech stocks are rallying furiously today, that and the fact that the big bad event of the Fed meeting is finally over.
I want to talk about the things that truly do worry me because Jay Powell at the helm is not one of them. He seems to be willing to withstand a great deal of collateral damage to help minorities in particular. He mentioned twice yesterday African-Americans and Hispanics. And I like that. He's not going to let the billionaires who come on CNBC dissuade him from doing so. The people's Fed chief.
Transcribed by Robert Daniel